Bitcoin reaches a new all-time high, surpassing USD $75k

Bitcoin has reached a new all-time high, surpassing USD $75,000, and breaking its previous record.

The cryptocurrency's value has increased significantly, rising over 70% since the beginning of 2024.

This surge comes in the context of economic and political changes, especially those related to the US elections.

Several factors have contributed to Bitcoin's notable price increase, including macroeconomic trends and financial innovations. One significant development in the cryptocurrency sector this year is the introduction of Spot Bitcoin Exchange Traded Funds (ETFs) in the United States. These ETFs, launched in January, have further propelled institutional engagement with digital assets.

Major financial institutions such as BlackRock and Fidelity have introduced spot Bitcoin ETFs, which have generated substantial interest and driven the integration of cryptocurrency into mainstream investment portfolios.

According to a report by Binance Research, these spot Bitcoin ETFs now control approximately USD $63.3 billion, which equates to about 5.2% of Bitcoin's total supply. This represents a considerable institutional presence and affirms the trust in Bitcoin's long-term sustainability.

James Quinn-Kumar, Director of Community Engagement at Binance Australia and New Zealand, stated, "Bitcoin's ascent to this new record is a testament to its resilience and appeal as a store of value. After a period of stabilisation, this milestone highlights the continued optimism surrounding Bitcoin and its potential for sustainable growth in both traditional and emerging markets."

Quinn-Kumar further remarked, "The new all-time high demonstrates the impact of supportive developments within the crypto landscape and reinforces the increasing alignment of digital assets with global financial trends."

"Looking ahead, the crypto market remains optimistic, as Bitcoin's role in diversified portfolios continues to expand and gain further acceptance."